By Michael Kay via Iris.xyz
When it comes to your money life, the opportunities to make mistakes can come fast and furious. If they are not corrected, they could lead to a compounding effect that can be devastating to achieving the goals you value most.
Money Mistake #1: Not taking ownership of your financial life. This common error, for many, begins early in life with the absence of solid financial knowledge. And let’s be clear: most of the time, this ignorance is not our fault as it happens during childhood. If, as a youngster, your parents or guardians didn’t provide a sound foundation for money management through money lessons, you come into adulthood without the benefit of confidence in making good money decisions.
The formative developmental years are the prime time to learn how to defer gratification, learn to save, and make choices that are wise and satisfying. By learning simple money lessons when you’re younger, you are able to take these skills into real situations and decisions in adulthood. Your younger years are also the times to make mistakes and learn what not to do, typically without life-altering consequences.